Contractor Drake & Scull International reported a higher fourth-quarter profit on Thursday as the firm's projects in Saudi Arabia gained momentum.
Drake, in which Goldman Sachs bought warrants worth US$40m, reported a fourth-quarter net profit of AED46m (US$12.5m), the company said in a statement on Dubai's bourse.
This compares to a net profit of AED42m reported during the same period in 2011, a spokesman told Reuters after the announcement.
The earnings beat estimates of four analysts who forecast an average quarterly net profit of AED17.5m.
Read more: http://www.arabianbusiness.com/dubai-s-drake-scull-q4-net-profit-beats-view-489464.html
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